The Fiscal Cliff Bill included an extension of the current Farm Bill for nine more months and that’s good news for the wind energy business.
The current rules are now in place through September 30th.
The current wind energy tax credit was scheduled to expire December 31st, but now it's been extended to the end of the year.
However, a clause in the extension allows for projects started in 2013 to continue into 2014 and even the first few months of 2015 if they have started construction this year. This will allow work to resume on projects that have been put on hold.
The Iowa Wind Energy Association says it is excited to see where this legislation takes the industry.
“We're thrilled, we think that the new in-construction language is very beneficial and gives us an opportunity to continue the rapid growth of the wind energy industry,” says Harold Prior, Executive Director of the Iowa Wind Energy Association.
In light of the congressional vote MidAmerican Energy made this statement:
“The wind tax credit has served as an excellent resource in making these projects affordable and economical for MidAmerican Energy and our customers. At this time, MidAmerican Energy does not have regulatory approval to add additional wind generation capacity. Meanwhile, we will continue to explore all forms of renewable energy that we believe are cost-effective for our customers."